TMI Short Notes

TMI Short Notes on various issues

201. Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the assessee to the alleged unexplained investments and interest income. - Assessment of search and seizure

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202. Manner of disposal of application for advance ruling under Income Tax Act, 1961

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203. Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

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204. Income deemed to accrue or arise in India - Section 9

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205. Current Repairs - ‘Nature & Treatment’ of expense

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206. Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc

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207. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

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208. Impact of belated deposit of employees’ contribution towards the EPF and ESI under Income Tax

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209. Reassessment conducted after 4 years by Income Tax Authorities.

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210. Strictures against the Income Tax Office - abuse of authority by the revenue officers, ignoring the provisions of law

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211. Introduction of concept of mediation and Advance Ruling System for Residents to reduce tax litigation and more clarity

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212. Reopening of assessment u/s 147 - Notice issues u/s 148 kept in abeyance since the issue of Deduction u/s u/s 80P(2)(a)(i) is pending before the Apex Court

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213. Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant

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214. Facility of Form SUGAM (ITR-4) - List of person who are eligible and who are not eligible to avail the facility of simple ITR-4 SUGAM form - For the AY 2019-20

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215. Facility of Form SAHAJ (ITR-1) - List of person who are eligible and who are not eligible to avail the facility of simple ITR form - For the AY 2019-20

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216. Can a Non-Resident claim deduction u/s 80QQB for royalty income ?

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217. What is the minimum donation limit to get tax deduction u/s 80GGA?

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218. What are the conditions to claim deduction u/s 80GG?

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219. Is loan taken in name of any family member is eligible for deduction u/s 80E?

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220. What is the main difference between deduction u/s 80U & u/s 80DD of the Act?

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221. Can a taxpayer claim deduction u/s 80DD for himself?

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222. Whether deduction u/s 80D is allowed if expenditure is made in cash?

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223. Can an individual pay medical insurance premium for spouse and claim deduction u/s 80D?

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224. Can a Guardian claim tax benefit u/s 80CCG if investment is done in the name of Minor?

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225. Can a non resident individual join NPS u/s 80CCD?

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226. Whether deduction u/s 80CCC is allowed only to the resident individuals?

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227. Whether education fees can be claimed as deduction u/s 80E and 80C both?

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228. Whether the post office savings scheme is eligible for deduction u/s 80C?

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229. Whether the repayment of loan taken for renovation/repair of house property is eligible for deduction u/s 80C?

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230. Whether section 80C allows deduction on re payment of housing loan?

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231. What kind of deduction is available for deduction u/s 80C?

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232. Who can take the benefit u/s 80C?

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233. While clubbing income of minor with the parent's income, the investment made by the minor u/s 80C also can be claimed as a deduction?

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234. Can a self employed individual claim the benefit of HRA u/s 10(13A)?

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235. Does actual payment of rent is required to claim HRA deduction u/s 10(13A)?

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236. Whether an employee is allowed deduction u/s 10(13A) even if he owns a house property?

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237. Whether a person is allowed HRA exemption even if he do not have the HRA component in his salary but he pays rent?

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238. Whether exemption of HRA is allowed if rent is paid to any family members?

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239. What is the treatment of payment at the time of termination from un-recognised provident fund u/s 10(12)?

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240. Whether a husband-wife both can claim LTA u/s 10(5)?

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241. Is it possible to claim LTA Twice in a Year u/s 10(5)?

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242. Can the Leave travel concession u/s 10(5) be carried forward?

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243. Can an individual claim the LTA u/s 10(5) in case of Switch of JOB?

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244. What type of expenses are covered under Leave Travel expense u/s 10(5)?

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245. Whether the exemption u/s 10(38) is avaliable if the transaction is undertaken on a stock exchange located in any International Financial Service Centre?

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246. Whether Shares acquired as Gift from someone, are eligible for exemption u/s 10(38) at the time of sale?

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247. Whether an enhanced compensation by any court or other authority shall be included u/s 10(37)?

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248. Whether the income on transfer of units is also exempt u/s 10(35)?

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249. Whether the exemption u/s 10(34A) on income arising due to buyback of shares applies on Long Term Capital Gains or Short Term Capital Gains?

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250. What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.

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